SuperStream - YOU MUST ACTION NOW!
Time is ticking with not much time left until SuperStream becomes mandatory, employers are being urged to cross SuperStream off their ‘to-do’ list ahead of the 30 June 2016 deadline.
What is SuperStream?
SuperStream is a standard for processing superannuation data and payments electronically. It must be used by all employers. SuperStream data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the ATO. The data is linked to the payment by a unique payment reference number.
- employers can make all their contributions in a single transaction, even if they're going to multiple super funds (SAVES TIME!)
- contributions and rollovers can be processed faster, more efficiently and with fewer errors
- people can be more reliably linked to their super, reducing lost accounts and unclaimed monies.
It takes a little time to set up and you will reduce your time spent each quarter! Some say a 70% reduction in the time they spend on super. If you haven't done so already your options to get ready include:
- upgrading your current payroll software
- using your super fund’s online system
- using a messaging portal
- using a clearing house (like the ATOs free Small business superannuation clearing house).
An important part of SuperStream preparation is collecting your employees’ TFNs and their funds’ unique super identifiers (USIs). You then enter it into your system ahead of the next quarterly due date on 28 April. This gives you time to check that things are running smoothly before the deadline.
Use the ATO’s Employer checklist for a step-by-step guide which explains on all you need to do.
If you are using Xero it is ‘super’ easy to set-up. Please feel free to call us 03 59117000, we can assist!